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IRVINE, CA-Harsch Investment Properties of Portland, OR, has acquired the 279,120-sf Von Karman Plaza community shopping center from M&H Realty Partners of San Francisco for $35 million.

Jordan Schnitzer, president of Harsch, notes that the acquisition is the first in Orange County for Harsch, which is a privately held developer and investor.

The eight-building, single story retail and commercial Von Karman Plaza is anchored by a 120,000-sf Sam’s Club and is 97% leased. Harsch acquired it in a transaction brokered by Jeff Weber of Eastdil Realty in San Francisco, who represented both parties in the transaction.

Harsch was attracted to the property by its location across the street from the Tustin Marine Corps Air Station and the future Tustin Legacy development. In light of plans for the area, Schnitzer says, Von Karman Plaza could present redevelopment opportunities because of its key location. The plaza sits at the intersection of Barranca Parkway and Von Karman Avenue, which is soon to be extended. When Von Kaman Avenue is lengthened, it will connect to Tustin Valley Ranch Road and the densely populated commercial and residential areas of Tustin.

Tustin Legacy, the site of the largest remaining tracts of developable land in Central Orange County, is a 1,600-acre master-planned development consisting of 4,600 residential units, a 160-acre golf course, nine million sf of commercial services and two million sf of community and recreational amenities. James Pate, SVP of retail for Harsch, says the Von Karman location and the plans for the area put the shopping center “in the path of progress.” Pate says the property could be reconfigured to take advantage of the changing demographics and growth in the Tustin area.

With the purchase of this project, Harsch Investment Properties’ retail portfolio now totals more than 2.5 million sf. Harsch, which acquires and develops properties for its own portfolio, owns and operates 125 properties in seven states including: Oregon, Washington, California, Nevada, Arizona, Colorado and Oklahoma. Its commercial real estate portfolio comprises more than 14 million sf of office, retail and industrial properties. Additionally, the company owns and manages more than 2,700 multifamily units.

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